EXPLORER Premier Oil is pressing ahead with a plan to drill for oil in the North Sea despite the furore over Chancellor George Osborne’s £10billion windfall tax on the industry.

Premier has exercised an option to drill the East Fyne appraisal well in the British central North S

Premier has exercised an option to drill the East Fyne appraisal well in the British central North Sea under a deal with fellow UK explorer Antrim Energy.

It will give Premier a 40 per cent stake in a block containing the Fyne field in return for contributing up to £31million towards project development costs.

It also gives Premier an option on a stake of up to half of a planned drilling programme due to begin this year in the Greater Fyne area.

The deal comes as oil firms protest at plans to hike taxes on North Sea drilling profits by 12 per cent if oil stays above $75 a barrel, claiming this could jeopardise projects worth up to £50billion. Brent crude hit $121 yesterday.

Premier is understood to be unaffected by the tax rise because of tax breaks following its 2009 acquisition of oil explorer Oilexco.

Where Premier sees good opportunities we will ­continue to invest in the North Sea

hief executive Simon Lockett

Company chief executive Simon Lockett said: “Where Premier sees good opportunities we will ­continue to invest in the North Sea.”